Vermont gasoline prices move down

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Vermont gasoline prices move down

Thu, 03/16/2017 - 4:07am -- tim

Vermont Business Magazine Average retail gasoline prices in Burlington have fallen 1.7 cents per gallon in the past week, averaging $2.28/g as of Sunday, according to GasBuddy's daily survey of 100 gas outlets in Burlington. This compares with the national average that has fallen 1.3 cents per gallon in the last week to $2.29/g, according to gasoline price website GasBuddy.com. Vermont prices stood at $2.28 average today, a few tenths lower than last week and 4 cents lower than a month ago, and lower in the southern part of the state, but 33 cents higher than a year ago at this time.

Including the change in gas prices in Burlington during the past week, prices yesterday were 32.3 cents per gallon higher than the same day one year ago and are 7.1 cents per gallon lower than a month ago. The national average has increased 1.5 cents per gallon during the last month and stands 36.1 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on March 13 in Burlington have ranged widely over the last five years:
$1.96/g in 2016, $2.56/g in 2015, $3.61/g in 2014, $3.80/g in 2013 and $3.79/g in 2012.

Areas near Burlington and their current gas price climate:

  • Vermont- $2.27/g, down 0.7 cents per gallon from last week's $2.28/g.
  • Albany- $2.29/g, down 1 cent per gallon from last week's $2.30/g.
  • New Hampshire- $2.18/g, flat  from last week's $2.18/g.

"A sudden plunge in the price of oil is likely to weigh on gas prices, at least temporarily,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.com. "With little warning or expectation, crude oil last week broke out of the rut it had well established, with crude prices falling out of a 3-month range of $51-$54 per barrel to $49. Fundamentals of oil have weakened, and with last week's large 8.2 million barrel rise in crude oil inventories, the market has turned decidedly bearish for now. Naturally, when oil prices take a beating such as they did last week, one might expect gasoline prices to move in lockstep, but due the complex relationship of oil and gasoline prices and the middleman- U.S. refineries- motorists may not see as large a decline at the pump as they may hope for- but certainly stay tuned. I remain optimistic that the annual spring rally at the pump could be less severe than expected, but remain cautious as it remains difficult to know where the new path will lead oil prices in the week ahead," DeHaan said.

About GasBuddy
GasBuddy is the technology company changing the way more than 60 million consumers find, purchase, and save money on gasoline. Founded in 2000, the original GasBuddy website was a pioneer in crowd-sourced information, leveraging technology, big data, and a passionate community that now connects more than 60 million users with real-time, accurate fuel pricing information as well as reliable reviews of gas station amenities and services. The app and website have the most accurate and real-time fuel prices at over 140,000 unique stations in the United States, Canada, and Australia and is the most comprehensive money-saving companion while on the road. GasBuddy is available on all mobile platforms. For more information, visit www.gasbuddy.com.

Source: Burlington, VT, March 13- vermontgasprices.com.